Permian Resources talks $500 million tap of 7% senior notes due 2032 at 99.25-99.75

By Abigail W. Adams

Portland, Me., Dec. 7 – Permian Resources Operating LLC plans to price a $500 million add-on to its 7% senior notes due Jan. 15, 2032 (B1/BB-/BB) in a Thursday drive-by with price talk for a reoffer price of 99.25 to 99.75, according to a market source.

Initial guidance was for a reoffer price in the 99 area.

Books closed at 1:30 p.m. ET with pricing expected thereafter.

The notes are non-callable until Jan. 15, 2027.

They will be immediately fungible with the outstanding issue.

BofA Securities Inc. (lead left), Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC are active bookrunners for the Rule 144A and Regulation S offering.

Barclays, Capital One Securities Inc., CIBC World Markets Corp., Comerica Securities Inc., Fifth Third Securities Inc., Mizuho Securities USA Inc., PNC Capital Markets LLC, RBC Capital Markets LLC, Regions Securities LLC, Truist Securities Inc. and U.S. Bancorp Investments Inc. are also joint bookrunners.

Proceeds will be used to repay a portion of the amount outstanding under the company’s credit facility and for general corporate purposes.

Permian Resources originally sold $500 million of the 7% notes at par in a Rule 144A and Regulation S issue that settled Sept. 12, 2023.

Permian Resources is a Midland, Tex.-based oil and gas company.

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